Bramble Company issued $504,000 of 11%, 20-year bonds on January 1, 2020, at 101. Interest is payable semiannually on July 1and January 1. Bramble Company uses the straight-line method of amortization for bond premium or discount.Prepare the journal entries to record the following. (If no entry is required, select "No Entry" for the account titles and enter Ofor theamounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)(a)The issuance of the bonds.(b)The payment of interest and the related amortization on July 1, 2020.(c)The accrual of interest and the related amortization on December 31, 2020.DateAccount Titles and ExplanationDebitCredit1/1/207/1/2012/31/20

a). Journal Entry Date Particulars Debit($) Credit$) 1/1/20 Cash…

ramble Company issued $504,000 of 11%, 20-year bonds on January 1, 2020, at 101. Interest is payable semiannually on July 1 nd January 1. Bramble Company uses the straight-line method of amortization for bond premium or discount. repare the journal entries to record the following (Of no entry is required, select "No Entry" for the account titles and enter O for the mounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) la) The issuance of the bonds. (b) The payment of interest and the related amortization on July 1, 2020. The accrual of interest and the related amortization on December 31, 2020.

ramble Company issued $504,000 of 11%, 20-year bonds on January 1, 2020, at 101. Interest is payable semiannually on July 1 nd January 1. Bramble Company uses the straight-line method of amortization for bond premium or discount. repare the journal entries to record the following (Of no entry is required, select "No Entry" for the account titles and enter O for the mounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) la) The issuance of the bonds. (b) The payment of interest and the related amortization on July 1, 2020. The accrual of interest and the related amortization on December 31, 2020.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 5PB: Dixon Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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